Bank of N.T. Butterfield & Son’s (NTB) Outperform Rating Reiterated at Raymond James

Raymond James restated their outperform rating on shares of Bank of N.T. Butterfield & Son (NYSE:NTB) in a report released on Thursday, Benzinga reports. They currently have a $36.00 price target on the bank’s stock, up from their prior price target of $32.00.

Several other brokerages have also recently weighed in on NTB. Keefe, Bruyette & Woods lowered their target price on Bank of N.T. Butterfield & Son from $41.00 to $40.00 and set an outperform rating on the stock in a report on Wednesday, February 14th. Piper Sandler restated an overweight rating and set a $38.00 target price (up from $34.00) on shares of Bank of N.T. Butterfield & Son in a report on Thursday. Finally, The Goldman Sachs Group boosted their target price on Bank of N.T. Butterfield & Son from $31.00 to $35.00 and gave the stock a buy rating in a report on Thursday, January 11th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $35.80.

Bank of N.T. Butterfield & Son Price Performance

NYSE:NTB opened at $34.06 on Thursday. Bank of N.T. Butterfield & Son has a 12 month low of $22.93 and a 12 month high of $34.56. The stock has a 50 day moving average of $30.86 and a two-hundred day moving average of $29.87. The company has a current ratio of 0.66, a quick ratio of 0.63 and a debt-to-equity ratio of 0.10. The firm has a market cap of $1.71 billion, a P/E ratio of 7.65 and a beta of 1.29.

Bank of N.T. Butterfield & Son (NYSE:NTB) last posted its quarterly earnings data on Wednesday, April 24th. The bank reported $1.17 EPS for the quarter, topping the consensus estimate of $0.96 by $0.21. The company had revenue of $142.80 million during the quarter, compared to analyst estimates of $137.28 million. Bank of N.T. Butterfield & Son had a return on equity of 23.18% and a net margin of 27.95%. Bank of N.T. Butterfield & Son’s quarterly revenue was down 2.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.24 EPS. On average, analysts expect that Bank of N.T. Butterfield & Son will post 4.4 earnings per share for the current fiscal year.

Bank of N.T. Butterfield & Son Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 21st. Investors of record on Tuesday, May 7th will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 5.17%. The ex-dividend date of this dividend is Monday, May 6th. Bank of N.T. Butterfield & Son’s dividend payout ratio is presently 39.55%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. lifted its holdings in Bank of N.T. Butterfield & Son by 635.5% in the first quarter. Assenagon Asset Management S.A. now owns 152,896 shares of the bank’s stock valued at $4,891,000 after acquiring an additional 132,107 shares during the last quarter. Quadrature Capital Ltd acquired a new position in Bank of N.T. Butterfield & Son during the fourth quarter worth $276,000. Mendon Capital Advisors Corp acquired a new position in Bank of N.T. Butterfield & Son during the fourth quarter worth $7,202,000. Campbell & CO Investment Adviser LLC lifted its stake in Bank of N.T. Butterfield & Son by 65.8% during the fourth quarter. Campbell & CO Investment Adviser LLC now owns 16,425 shares of the bank’s stock worth $526,000 after purchasing an additional 6,521 shares in the last quarter. Finally, TFO Wealth Partners LLC lifted its stake in Bank of N.T. Butterfield & Son by 18,890.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,899 shares of the bank’s stock worth $61,000 after purchasing an additional 1,889 shares in the last quarter. 62.73% of the stock is currently owned by institutional investors and hedge funds.

About Bank of N.T. Butterfield & Son

The Bank of N.T. Butterfield & Son Limited provides a range of community, commercial, and private banking services to individuals and small to medium-sized businesses. It accepts retail and corporate checking, savings, term, and interest bearing and non-interest bearing deposits. The company's lending portfolio includes residential mortgage lending, automobile lending, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans, as well as overdraft facilities to commercial and corporate customers.